One in four German companies with business abroad has been affected by international sanctions against Russia, an official from the the German Chamber of Industry and Commerce said Monday.
Those feeling the worst fallout are companies who do business both with Russia and the U.S., the chamber's head on foreign trade, Volker Treier, told German daily Rheinische Post. The differences between U.S. and EU sanctions add to the headache for businesses, he said.
The U.S. significantly upped the stakes last Wednesday with sanctions against two major Russian banks, two energy companies, including state-owned energy giant Rosneft, and eight defense companies.
The? European Union last week agreed to? institute further sanctions and expanded its list of criteria for entities it can impose sanctions on. The 28-state bloc was to wait until the end of July to name the specific persons and companies on its list.
The international outrage following the crash of Malaysia Airlines flight MH17 in eastern Ukraine, however, has led to calls from some EU member states to take action sooner.
Some 6,200 German firms are active in? Russia with 20 billion euros ($27 billion) of? investments in the country, while about 300,000 German jobs are dependent on? trade with Russia, according to? estimates by? Germany's Committee on? Eastern European Economic Relations.
German exports to? Russia dropped by? 14 percent to? about 10 billion euros ($13.5 billion) in? the first four months of? the year, according to? the latest data from? the Statistics Office.
Material from Reuters was included in this report.
See also:
U.S. Sanctions Hit Rosneft's Dollar Financing, but Spare Partners BP and Exxon
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.